Reform of the Flood Insurance Reform

Reform of the flood insurance reform is
coming. The bill allows for eighteen months for the implementation
of the new plan. The 7/12 plan just got started 10/13, so expect the
same results.

Possible highlights of the new plan:

Rebates for flood insurance
customers who got big rate increases.

$1,000 elevation certificate
requirement waived or delayed for some people.

Grandfathering allowed.

Buyer can assume seller’s
cheaper policy.

A CAP on annual increases of
fifteen to eighteen percent instead of twenty to twenty-five
percent.

Delays or slowing of rate
increases.

The rules are still written in pencil,
but we will continue to keep up with the developments to help our
clients.

From the gang
that couldn’t shoot straight, in Washington, more confusion for our
clients in a flood zone. The new 3/14 deal will reduce and/or delay
the severe rate increases imposed by the 7/12 Biggert Waters Flood
Reform Act for some flood insurance clients. The old deal took
eighteen months to take effect and the new deal may take eighteen
months as well. Some changes are promised by 5/1/2014, but the rules
are like Obamacare, still written in pencil. I say the heck with the
government flood policy!

GOOD NEWS!! We have a private flood
insurance option that can save you up to fifty percent with better
coverage and no $1,000 elevation certificate is required. Call
Steve, Scott, or Carlos for a free review today. See our ad in the Daily Post!

Please call us 650-328-1000 for help with this or any other insurance matters, we are always here to help.

About Allied Brokers

Allied Brokers is a full-service insurance brokerage. Founded in 1954, we provide insurance products throughout California and several other states. We have insurance policies and services for any of your insurance needs: Auto, Homeowners, Condominiums, Apartments, Earthquake, Flood, Renters, Business, Health, Life, Motorcycle, Boat, RV and Estate Planning. Experience the "can do" attitude of our agents.